We believe that capitalism, and unfettered capitalism poses a threat to human existence through the commodification of the person and nature. And we … - Maurice Glasman, Baron Glasman

The defeat of Fascism, and the election of a majority Labour Government in 1945 was only possible because Labour had strong mainstream support among working class voters and organised labour. There was no serious Communist Party in Britain, and no serious fascist party either and the principle reason for this is that both were consistently defeated by Labour who maintained working class loyalty precisely because it was not an ideal or a set of principles, but an organisation that upheld the dignity of work and of working people and insisted that they had a constructive role to play in the governance of the country. Labour did not flirt with the popular front or the unity of progressive forces. It pursued a common good which included labour as an interest and as a source of value.

Labour was different to other European Social Democratic Parties in that it was never aggressively secular and was not divided by confessional fissures. Its founding act, the Dock Strike of 1889 was brokered by the Salvation Army and Cardinal Manning. It was never a revolutionary party that became more peaceable but was, from the start, committed to extending democracy within the inherited constitution. It also had a base of support among the working class that secured British democracy from Fascism and Communism and that was because of its paradoxical nature, as conservative as it was radical, as patriotic as it was nationalist. The greatest failure of New Labour is that it led rather than resisted the definition of the European Union as a neo-liberal project and did not develop a constructive alternative to the status quo. It seemed incapable of distinguishing between internationalism and globalisation.

I would suggest that we use 5% of the bailout money to endow the Banks of England, which would be established in the counties and cities of England and would be constrained to lend within the county or city. The principal of the endowment would be in trust to the people of that county or city, in perpetuity so that it could not be liquidated by its members, and the balance of power in its corporate governance will be held by a third being held by the Bank of England, a third by its workforce and a third by the civic institutions of the locality. These newly constituted ‘Banks of England’ are one of the essential feature of Blue Labour statecraft built upon endowment and institution building.